As rent prices rise across the nation, one has to be more resourceful to secure cheaper rent. Negotiating lower rent rates is definitely an art and requires creativity, effort and time investment on your part.
It might sound intimidating at first, but worry not! The first thing you have to do to get that cheaper rent is to learn about rent prices for apartments in your area and surrounding neighborhoods. You want to be equipped with facts when you decide to negotiate rent.
If vacancy rates in the area are high and there are a lot of empty units waiting for tenants, it might be your biggest bargaining chip. Vacant apartments mean loss of income for landlords and property managers. They would rather give a lower rent rate than keep it empty for another month.
Good timing is very important when trying to get cheaper rent. Did you know that winter is the best time to rent an apartment if you are budget-conscious? Therefore, if you can be flexible with your move, wait for December or January to start your search. Walk around the neighborhood, talk to people about vacancies and rent prices. Some of those incentives might include a free month of rent, parking spot, storage or waived application fees.
The more you know the higher are your chances of getting cheaper rent. The Bottom Line. Apartment inventory is higher between the months of May and September given the high turnover during these months. Rental rates are also high during the summer months. An apartment search should begin at the end of the month prior to the target move month. Related Articles. Markets Financial Markets for Investors. Partner Links. Related Terms Security Deposit A security deposit is money that is given to a lender, seller or landlord as proof of intent and may be used to pay for damages caused by a renter.
Seasonality Seasonality is a characteristic of a time series in which the data experiences regular and predictable changes that recur every calendar year.
What Is a Vacancy Rate? Learn more about the vacancy rate, the percentage of all available units in a rental property that are vacant or unoccupied at a particular time. How a Lease Option Works and Helps with a Downpayment on a Home A lease option is an agreement that gives a renter the choice to purchase the rented property during or at the end of the rental period. Seasonal Industry Seasonal industry refers to a group of companies related by common business activities that earn most of their income in a few weeks or months each year.
How Merchandising Works Merchandising is any act of promoting goods or services for retail sale, including marketing strategies, display design, and discount offers. Search engines can help make the search more efficient, said Govind Kabra, chief technology officer at Cazoodle. These properties are often priced lower than other rentals, partly because they may not come with the same level of amenities but also because these owners may be more motivated to get their places rented.
Start looking at the for-sale listings, Atsiknoudas said. In its listing pages, HotPads shows how rentals compare with others in the area.
Meanwhile, the whole purpose of the Rentometer site is to analyze how a particular rent compares with others in the neighborhood. With printouts of comparables as proof, you can negotiate with a landlord for lower rent. With so many people dealing with job losses and missing bill payments, those who have good credit really shine. Amy Hoak covers real estate and personal finance for MarketWatch, and writes the Home Economics column.
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